Continuum Advisors Facilitates $42M Senior Housing Sale in Chicago

December 2024

Continuum Advisors, a national senior housing investment sales and advisory firm, is pleased to announce the sale of The Oaks at Bartlett, a premier 283-unit senior housing community about 35 miles northwest of downtown Chicago.

Built in 2007, the 37-acre interconnected campus offers residents a full continuum of care with 10 cottages, 154 independent living apartments, 49 assisted living units, 16 memory care units and 54 skilled nursing units (60 beds).

Continuum Advisors was retained to run the marketing and sale efforts to solicit and identify prospective buyers. The community was sold through a court-supervised process with Michael F. Flanagan of Flanagan & Associates, LLC serving as the Receiver. After the community defaulted on its bond obligations, Minneapolis-based Certus Living was brought in to operate and quickly turned the campus around to positive NOI. This improvement was essential in providing liquidity runway and maximizing value for all stakeholders in the sale.

Co-founders of Continuum Advisors David Kliewer and Jay Jordan successfully led the transaction to close on Dec. 13, 2024, after running an extensive marketing campaign to identify a stalking horse bidder followed by a court-supervised overbid process. This led to the $42 million sale of The Oaks at Bartlett to a national institutional investor.

“Under new ownership, this sale paves the way for long-term financial stability and new capital to be invested into the campus across common spaces as well as unit upgrades.”

David Kliewer, Co-Founder of Continuum Advisors

“The sale structure was designed to achieve support from all key stakeholders with legal and cost efficiency in-mind, resulting in better than alternative outcomes for all stakeholders. To my knowledge, the sale of similar defaulted CCRC communities has not been done outside of very intensive and expensive bankruptcy cases. The Oaks sale sets the stage for effectuating these type of complex transactions more efficiently with more dollars effectively going to the stakeholders.”

Adrienne Walker, of Locke Lord LLP, counsel to the UMB Bank, N.A., as Bond Trustee and Master Trustee

The deal comes off the heels of Continuum Advisors’ milestone closing of the largest senior living campus in Illinois, Friendship Village of Schaumburg, a CCRC in the suburbs of Chicago that sold in December 2023.

The founders of Continuum Advisors have closed more than 175 senior housing transactions over the span of their careers, with approximately $300 million currently under contract and expected to close in 2025.